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Inclusive policies key as COVID-19 widens inequality: T20
As countries slowly unwind their pandemic-era stimulus policies, greater coordination among developed and emerging economies is essential to ensure more inclusive global economic growth, experts from the Think-20 (T20) have said.
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Lead cochair of Think-20 (T20) Bambang Brodjonegoro delivers his remarks via teleconference during the T20 Inception Conference on Feb. 9. (Youtube/screenshot)
As countries slowly unwind their pandemic-era stimulus policies, greater coordination among developed and emerging economies is essential to ensure more inclusive global economic growth, experts from the Think-20 (T20) have said.
Indonesia, as the rotating Group of 20 (G20) president for 2022, currently chairs various official engagement groups as part of the G20, including the T20. The T20 brings together think tanks and research centers from around the world to provide policy recommendations for the G20 leaders.
Lead cochair of T20 Indonesia, Bambang Brodjonegoro, said with the increased vaccination rate across the globe and better medical responses to treat COVID-19, policy focus around the world had shifted to economic recovery.
He said such a transition would likely require the global coordination of exit policies after many countries expanded their fiscal and monetary policies to support the economy during the early part of the pandemic.
“The unwinding of the stimulus policies during the COVID-19 pandemic will necessitate much wider international and domestic policy coordination within and between the advanced and the emerging markets,” said Bambang during the T20 Inception Conference on Wednesday.
The conference was held virtually on Wednesday and Thursday and brought together experts in wide-ranging policy discussions on areas identified by Indonesia as the priority during its G20 presidency, namely global health architecture, digital transformation as well as sustainable energy transition.
He remarked that in the past, particularly during the 2007-2008 global financial crisis, the agenda to unwind government stimulus was largely shaped by the advanced economies. Yet cooperation between advanced and emerging economies was essential to tackle big global issues such as the current pandemic and climate change, Bambang said.
